Business plan for visas and companies in the UK
The United Kingdom invariably attracts foreign businessmen with great opportunities to realise and promote their projects in the territory of the state. There are several types of English visas available to realise your ideas. Certain of them require a professionally drafted business plan, which will open access to the world-class business community, with prospects for career growth and development of your own business. It is not an easy task to properly present all the necessary arguments, reflecting the realities of the present day, especially for those who are just starting to work within the English legal framework. This article summarises the main aspects of creating a competent business plan.
For which visas to England do you need a business project?
- A business plan is one of the most important documents for a UK Innovator Founder Visa. This type of visa is suitable for those who want to set up and promote a brand new business in the UK, unlike anything already on the market.
- Under the UK Expansion Worker visa, a professional with a certificate of sponsorship can come to the UK to open the first branch of an overseas company. In order to issue a sponsorship certificate to a worker, the firm must submit a business plan and obtain a sponsorship licence. The plan will demonstrate how the business plans to achieve its objectives, taking into account income, expenditure and other metrics.
- And of course where a new company is being set up in the UK, a business case is also essential.
The plan will be evaluated by competent endorsing bodies (Endorsing bodies) appointed by the state. If your proposal proves to be innovative, promising and scalable, it will receive a high score and may be approved. Thereafter, the same competent bodies will monitor and track the fulfilment of all the indicators you have declared for a year. Therefore, detailed planning with the help of competent professionals is recommended to avoid withdrawal of approval. A properly drafted business project helps in distributing tasks among partners, organising the whole business and understanding its potential. A business plan is also necessary to obtain investment or a bank loan. It is the basis for regulating your relations with investors or lenders about the repayment of funds.
Important emphases in planning
To begin with, it is necessary to thoroughly research and provide information about the target markets and potential customers. It is also necessary to indicate with the help of what tools are supposed to promote, sales volumes, economic forecasting should be as accurate as possible, and the budget should be calculated to the smallest detail. Of course, any project has its weaknesses and in the plan they should be reflected, with a demonstration of ways to solve difficult moments. It should present the purpose and objectives of the enterprise, its prospects and potential opportunities.
Common mistakes in a business plan
It is quite difficult for a foreigner to objectively assess the current economic situation in any sector of the British market, so there may be many errors and inaccuracies in the business plan. For example, there is no clear argumentation and purpose, the cost of the project may be underestimated, unrealistic deadlines and so on, which will inevitably lead to a refusal to obtain a visa. We advise you to consult experienced specialists who will check the prepared business plan. Also professional staff can help to create a project from scratch in the required format, i.e. complying with the country’s standards and competent English. Such a service will significantly save time and allow you to start realising your ideas as soon as possible.
FAQs about the business plan
How accurate does a business plan need to be?
Numerical values play an important role in assessing the efficiency of a conceived project. Even the distance from potential suppliers matters, so real figures must be taken into account when planning, otherwise there is a risk of spending much more on transport than originally planned, for example.
Does the business plan need to consider the negative aspects of products and shortcomings in production processes?
When completing the business plan, only real data should be used, so that the final document serves as a guide in the execution of the work and achievement of the goal. All shortcomings should be outlined and supplemented with solutions. It is important to realise that there are no perfect projects and the absence of a description of weaknesses can also cause unnecessary questions from investors.
Is it necessary to describe production technologies when creating a business plan?
Of course, it is necessary to understand the field of activity at the highest level, but it is not worth demonstrating the level of your knowledge through the description of processes in the text of the business plan. Section of production characteristics should contain information about the volume of products, time spent on its creation, consumption of materials, etc. – Those factors that directly affect the possibility of selling as many goods as possible are displayed.
